Finance service representative vs new accounts representative

The differences between finance service representatives and new accounts representatives can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 2-4 years to become a finance service representative, becoming a new accounts representative takes usually requires 6-12 months. Additionally, a finance service representative has an average salary of $38,361, which is higher than the $36,918 average annual salary of a new accounts representative.

The top three skills for a finance service representative include financial services, patients and team-oriented environment. The most important skills for a new accounts representative are customer service, bank products, and cross-sell.

Finance service representative vs new accounts representative overview

	Finance Service Representative	New Accounts Representative
Yearly salary	$38,361	$36,918
Hourly rate	$18.44	$17.75
Growth rate	10%	-3%
Number of jobs	220,519	133,070
Job satisfaction	-	-
Most common degree	Bachelor's Degree, 60%	Bachelor's Degree, 51%
Average age	43	41
Years of experience	4	12

What does a finance service representative do?

A financial service representative typically works for a bank or a similar establishment. One of their primary responsibilities is to reach out to clients and offer financial advice, services, or products such as insurance and credit cards. They can also set appointments, meet with clients to discuss benefits, and even gather applications. Furthermore, a financial service representative needs to have extensive knowledge of the products and services and be equipped with communication skills to build a rapport that will be essential in securing trust and sales.

What does a new accounts representative do?

New accounts representatives are banking professionals who are responsible for the explanation of the available accounts. The accounts representatives explain different options for new accounts and interconnected services. They discuss any requirements, fees, or limits related to an account. It is their job to describe new account services to clients and assist them in the paperwork. They perform wire or electronic transfers for the funds coming from the other accounts. Also, they direct their clients to banking specialists for additional services.

Finance service representative vs new accounts representative salary

Finance service representatives and new accounts representatives have different pay scales, as shown below.

	Finance Service Representative	New Accounts Representative
Average salary	$38,361	$36,918
Salary range	Between $25,000 And $58,000	Between $28,000 And $47,000
Highest paying City	New York, NY	San Mateo, CA
Highest paying state	New York	Hawaii
Best paying company	Bloomberg	DATCU
Best paying industry	Government	Finance

Differences between finance service representative and new accounts representative education

There are a few differences between a finance service representative and a new accounts representative in terms of educational background:

	Finance Service Representative	New Accounts Representative
Most common degree	Bachelor's Degree, 60%	Bachelor's Degree, 51%
Most common major	Business	Business
Most common college	University of Pennsylvania	-

Finance service representative vs new accounts representative demographics

Here are the differences between finance service representatives' and new accounts representatives' demographics:

	Finance Service Representative	New Accounts Representative
Average age	43	41
Gender ratio	Male, 41.2% Female, 58.8%	Male, 26.6% Female, 73.4%
Race ratio	Black or African American, 5.7% Unknown, 4.1% Hispanic or Latino, 11.9% Asian, 10.1% White, 67.9% American Indian and Alaska Native, 0.2%	Black or African American, 9.5% Unknown, 2.9% Hispanic or Latino, 22.0% Asian, 9.1% White, 55.7% American Indian and Alaska Native, 0.8%
LGBT Percentage	6%	11%

Differences between finance service representative and new accounts representative duties and responsibilities

Finance service representative example responsibilities.

Manage correspondent services including but not limit to wire processing, coin and currency, ACH support and international payments.
Gain excellent customer service skills and achieve award for completing voluntary MSR exams.1
Manage client relationship by presenting solutions for customers state and unstate needs while cross-selling company products.
Maintain cleanliness and presentation of member service area and marketing information.
Originate and develop new business through effective profiling, relationship building, consultative customer service in a retail banking environment.
Count upon for accuracy and math skills.

New accounts representative example responsibilities.

Gain excellent customer service skills and achieve award for completing voluntary MSR exams.1
Report tax information to the IRS.
Complete require BSA & OFAC training annually.
Identify potential high risks clients and investigate OFAC status.
Ensure adherence to IIROC, QI, AML, regulations and to mitigate legal and reputational risk.
Answer incoming calls on first ring; assist customers, complete customer request forms in AS400 system.

Finance service representative vs new accounts representative skills

Common finance service representative skills

Financial Services, 15%
Patients, 8%
Team-Oriented Environment, 7%
Mutual Funds, 4%
Financial Products, 4%
Customer Service, 3%

Common new accounts representative skills

Customer Service, 15%
Bank Products, 8%
Cross-Sell, 6%
Financial Services, 6%
Credit Card, 5%
Loan Payments, 5%

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Finance Service Representative
Finance Service Representative vs New Accounts Representative

Updated January 8, 2025

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